Anil Ambani's Reliance Power to raise $183 million to expand business operations
India's Reliance Power, part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment. The company aims to use the funds for business expansion and debt reduction.
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Reliance Power Ltd has updated about its next Board meeting for a fundraise. Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.
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In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero and is implementing long-term fund raising plans that are said to solidify its financial position.
Anil Ambani's Reliance Power to raise $183 mln to expand business operations
India's Reliance Power , part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment.
Reliance Group Stock: 50% rally in 5 days! Anil Ambani's holding sees big jump
Group Chairman Anil Ambani has raked in big gains from the recent rally in the shares of 2 group companies - Reliance Power and Infrastructure. While Ambani, who is one of the promoters, owns 1,39,437 equity shares of Reliance Infrastructure,
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